Chapter 11 or “reorganization bankruptcy” is mostly filed by struggling companies to help restructure their business. Individuals whose debt exceeds Chapter 13 limits or who own substantial nonexempt assets can also file Chapter 11 bankruptcy. Similar to Chapter 13, Chapter 11 filings must include a written plan of reorganization and a disclosure statement that lists assets, liabilities, and business affairs. If the company fulfills its obligations throughout the 4-5 year process, Chapter 11 can give them a fresh start. However, Chapter 11 is one of the most expensive and complex forms of bankruptcy, so hiring a good law firm is absolutely necessary.
Bankruptcy Attorney Ventura 805-644-7111
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